WHAT’S SOLD IN THE SOUTHAMPTON REAL ESTATE MARKET . . . A TALE OF TWO MARKETS
As the Village is now 99% built out (excluding farmland), 18 demolition permits were issued in 2019 to make room for newer homes.
SOUTHAMPTON VILLAGE RECENT SALES with PHOTOS
To view recent real estate sales in the Village of Southampton, including photos, address, price, and date of transaction, please click: Sold Village Homes
SOUTHAMPTON RECENT SALES OUTSIDE THE VILLAGE
To view recent real estate sales in the Southampton hamlets of Shinnecock Hills, Tuckahoe, and North Sea, including address, price, and date of transaction, please click: Sold Hamlet Homes
Mayor Giuliani is celebrating at the Southampton Village Fourth of July Parade
THE SOUTHAMPTON REAL ESTATE MARKET
We believe the stability of Southampton market can be attributed to the uniqueness and over-all desirability of its coveted location. People want to live and invest here. Southampton is a life-style.
Today, we see many offers and acceptances, contracts to purchase being signed, and very little inventory. Buyers are paying cash or seizing the opportunity of near record low interest rates. This is a great time to buy!
Although 2042 foreclosures were reported in Suffolk County in 2019, there were only 16 foreclosures within the Southampton 11968 zip code and only one in the Village.
HOUSING STOCK IN SOUTHAMPTON VILLAGE
When talking about Southampton it is important to clarify whether you mean the Village of Southampton or the Town of Southampton. Southampton Village is a small oceanfront community within the Township of Southampton. Southampton Village comprises 6.8 square miles, less than 5% of Southampton Town’s 140.2 square miles and is only one of seven incorporated villages within the town.
To further complicate your hunt for real estate in Southampton Village, the Village shares the same zip code with other parts of Southampton Town including the Hamlets of North Sea, Tuckahoe, and Shinnecock Hills. Properties in these communities reflect a different market than the Village, where the mantra is location, location, location.
Housing stock is a limited commodity in Southampton Village with only 3796 properties on the tax rolls for 2020, and in a typical year not much more than 100 or so units change hands. There were 86 single family homes and condos that sold in 2019. 2014 was a record sales year with 202 units sold. This was due to a bunch of new condominiums being built and marketed. 2008 was the record for least sales with 68 units sold.
Vacant land is even more scarce. In the last two decades the largest volume of residential vacant land transfers occurred in 2014 with only 22 units sold.
About half of all Village property is zoned 3-acre residential single-family. Southampton Village is over 95% built out and most of the remaining land is farmland not on the market. Virtually all sales are of existing homes. Typically when a house is sold, the new owner will transform the existing house into a home more in keeping with his family’s specific needs. For many older homes this transformation results in a complete demolition and a newly constructed home.
MARKETING SOUTHAMPTON HOMES
Southampton real estate is unique, both in its nature and how it is marketed. Unlike what is typical of most other locations in our country, most available Southampton homes are “quiet” listings, simply not found on MLS. When you work directly with Joan and Paul, they will share with you additional Southampton properties including those marketed through an automated co-brokerage system only accessible to subscribing brokers.
For access to MLS listings,
The Real Estate Report, 474 Montauk Highway, West Islip, NY 11795, phone: 539-7919,
Pat Ammirati, owner, gathers data on all real property transfers in Suffolk and Nassau Counties. To view a comparison of other sales figures by quarter over the last three years,
click here: Sales Statistics by Quarter